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Student Loan Relief: A promising profession and rising industry.

Higher education is a key to transcending one's position in a society. Though one may have to pay a big price pursuing it, by taking student loan. Still students go for it, as it shapes up their career and brings more opportunities, which is always the priority for any aspiring student. Because of the extortionate tuition fees in almost all the universities/ colleges in the US, it is generally very difficult for students or their parents to afford higher studies from their regular family income. That is why, most students going to universities in this country, rely mainly on lending from banks. Approximately 12 million American students (60% of total number of students) who attend college depend on student loans, each year.

The problem generally arises when it comes to repaying the loans. Borrowing for college fee is generally the first major transaction a student makes. They don’t know what they are getting into, and end up borrowing more, which is usually very difficult or may be impossible to repay with their salaries in future. Moreover, repayment options are confusing and cumbersome. Although federal government offers a whole menu of student loans repayment plans, the choices are complex. Sometimes even well-informed borrowers have found the process of selecting or switching repayment plans strenuous and lengthy, and mostly an uphill battle, for an average college graduate. Apart from this, student loans are not dischargeable even in bankruptcy and even if the loans have been waved off under certain conditions one has to keep paying taxes on the remaining amount. On top of it, if somebody defaults on these loans their personal credit will be plunged making them unhireable for many jobs, or they may lose their current job as well. With all these troubling facts student loan repayment is the most important task to be done by the the borrowers, after the completion of their studies.

Currently 37 million borrowers are repaying student loans, making the total debt amount approximately 1.2 trillion, with an exorbitant hike of 300 percent in a decade. A research by Student Loan Ranger estimates that around 44% of student loan borrowers today are either at least 90 days overdue or have temporarily postponed payment. This makes student loans have highest delinquency rates than any other debt. This is certainly a call for a well established student loan relief industry. Since most students are unaware or just partially aware of different repayment plans and the solutions and the available solutions have complex eligibility criteria and process. Students need agencies and professionals with core knowledge of Student loan industry. These student loan relief companies can not only help students in determining the best suited repayment plans but also relieves them from tortuous loan calculations. They can keep borrowers updated about new reforms, offer loan counseling and assistance, to help them manage their student loans better. If the borrower has already defaulted or not able to make payments, a student loan relief company can suggest various options to come out of the mess.

With increase in number of borrowers and defaulters in recent times Student Loans is like cloud on the horizon and student loan relief industry, a necessity. Though there is an argument that the industry is still not mature enough as there are a very few government norms for the industry, which makes it quite vulnerable. However, as the government also seems to be paying attention, introducing various reforms and new repayment plans, the current student loan situation can be considered as a great opportunity for all the student loan experts to establish themselves in the industry, because, it is always better to “strike the iron when it is hot”.

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